Zurich Insurance reports 'solid' performance

Dublin-based Zurich Insurance plc (ZIP) increased its operating profit by €154 million to €220 million last year, the company said today.

Describing the results as "solid", the company said it grew general insurance gross written premiums by €2.4 billion to €4.5 billion compared to the same period a year earlier. This can be partly accounted for by the transfer in January 2009 of Zurich's UK general insurance business, which is now written on ZIP.

However, on a like for like basis, gross written premiums fell 1 per cent compared to 2008, as weaker economic conditions hit the business. This was partially offset by average rate increases of 5 percentage points, ZIP said.

ZIP also improved its combined ratio by 6 per cent to 101.4 per cent.

"Despite a competitive market environment particularly in Western Europe, Zurich's ZIP business was able to maintain strong levels of business performance," said ZIP chief executive Markus Hongler. "We are confident that our streamlined European structure will help to support our business for any market conditions."

The figures include its business in Ireland, the UK, Belgium, France, Italy, the Netherlands, Finland, Denmark, Norway and Sweden.

The German business will be transferred to ZIP later this year, and in total ZIP is expected to generate revenues of about €11 billion.